NRIs' Money Power
Top 92 Indian American firms generated about $2.2 billion during 2002.india Updated: Jan 27, 2004 13:19 IST
The top 92 Indian American-owned companies in the US together generated $2.2 billion in revenue in 2002, according to a survey published in the New York weekly News India-Times.
The eighth annual 2003 News India-Times-Ventures International Inc. (VII) survey attracted 100 entries from Indian American companies but only 92 of them met the criteria for qualifying in the listing.
According to the survey, Indian American entrepreneurs in the US have accomplished "magnificent successes" in the field of business in a very short period of time.
The survey said the top 92 firms generated $2.2 billion in revenues and together employed 18,337 full-time workers in 2002.
The top 100 Indian American companies had generated $2.26 billion in 2001 and had provided jobs to 18,438 full-time workers.
Frank Islam's QSS Group Inc., which provides advanced aerospace technology and IT enterprise solutions to federal agencies, topped the list of Indian American companies with highest revenues in 2002.
Founded in 1994, the Maryland-based company's sales in 2002 touched $224.65 million. The QSS Group currently employs 1,400 technical professionals for services spanning the spectrum of aerospace science, engineering and IT disciplines.
In 1999, Islam was recognised as the Ernst and Young Maryland Entrepreneur of the Year. In 2001, the US Small Business Administration selected him as the Minority Small Business Person of the Year for the Washington DC Metropolitan area.
Monte Ahuja's distribution company Transtar Industries slipped from its top rank in 2002 survey to second position this year with total revenues of $213 million.
Other firms in the list include Ramesh Bhatia's Atco Rubber Products, Ramesh Motwane's Eastern Contractors, Mehendra Nath's Nath Companies, Anita Talwar's Advanced Management Technology, and Ravinder Shahani's Acro Service.
Overall, 20 companies out of the top 92 Indian American businesses in 2003 survey represented the software services industry, 17 were from the manufacturing sector, 14 from professional services and 11 from the construction industry.
Other industrial sectors represented in the survey include distribution, finance, hospitality services, real estate, retail, systems integration, and transportation, said the survey.
Indus Corporation, a company specialising in systems integration, came on top of the list of the top 10 fastest growing Indian American firms in 2002, said the survey.
Founded in 1991 by Shivram Krishnan, the Vienna-based company has registered a growth of a whopping 104 percent to $45.6 million in 2002, as compared to $22.3 million in 2001.
Other firms in the fastest growing list include Computer Systems Management, Inc ($12.6 million, growth 55 per cent), Giri Agarwal's R&D Dynamics Corporation ($2.62 million, growth 29 per cent) and Basic Commerce ($21.6 million, growth 27 per cent).
In the 2003 listing of top 10 fastest growing Indian American companies, as many as five companies represent the IT and software services sector.
Other firms are from manufacturing, distribution, hospitality, research and development, and professional services segment, showed the survey findings.
In the survey, the most number of respondents were from the northeast region (27), with the mid-Atlantic (23) and mid-west (21) regions following close behind.
The least number of respondents were from the western region with just two companies.
Only those Indian American companies that are privately held and independent and are corporations were allowed to participate in 2003 New India-Times-Ventures International Inc. survey.
Further, the participating company was required to have achieved net sales of at least $1 million in the fiscal year 2002, said the survey.
Most entrepreneurs have expressed a desire to share their experiences with others for the benefit of the next generation of Indians in the US and the community at large.
First Published: Dec 27, 2003 00:00 IST